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Compliance Transformation

Compliance Transformation

As per the State Bank of Pakistan BPRD Circular No. 07 of 2017 all Banks/DFIs/MFBs are advised to comply with compliance risk management guidelines issued by SBP. Keeping in view their size, nature & scope of business and complexities of operations, the banks/DFIs/MFBs are advised to bring their compliance functions, policies and procedures in line with requirement of guidelines by December 31, 2017.

Also on KPMG.com

The State bank of Pakistan, in line with best international practices, has developed guidelines on ‘compliance risk management’ to provide banking industry a uniform and systematic approach for identification, assessment and management of compliance risk. The guidelines aim to promote enabling ‘compliance culture’ in banks and strengthen the effectiveness of compliance function by adopting structured and risk focused approach.

All Banks/DFIs/MFBs are advised to comply with these guidelines in letter and spirit. Keeping in view their size, nature & scope of business and complexities of operations, the banks/DFIs/MFBs are advised to bring their compliance functions, policies and procedures in line with requirement of guidelines by December 31, 2017

KPMG can work closely with both compliance professionals and with key stakeholders within operations, information technology, and business line leaders to help design and implement customized compliance transformation frameworks in line with SBP Guidelines on Compliance Risk Management.